BHI Lends $72M on New Jersey Apartments Build
The 250-unit development in Bayonne, N.J. is slated for completion in summer 2027
By Andrew Coen September 24, 2026 2:51 pm
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A joint venture between Prestige Development and Anak Development has landed $71.5 million of construction financing to build a multifamily project in northern New Jersey, Commercial Observer has learned.
BHI, the U.S Branch of Bank Hapoalim, provided the loan for the sponsorship’s 250-unit The Standard apartment community in Bayonne, N.J. Maven Capital’s Sean Shahkohi negotiated the financing.
David Kesselman, vice president of commercial real estate at BHI, said in a statement that the Bayonne project will “expand the local housing supply and meet growing demand.”
Located at 197 Avenue East steps from 22nd Street Station on the Hudson-Bergen Light Rail line, the apartment property will feature a mix of studio to two-bedroom units, a 227-space parking garage and roughly 1,950 square feet of ground-floor retail space. Community amenities will include a swimming pool, sundeck, fitness center, yoga room, sauna, coworking areas, golf simulator and dog walk.
Michael Shahkohi, principal of Prestige Development, said in a statement that BHI understood when executing the loan “both the complexity of construction execution and the long-term vision” of the project.
The Standard project was designed by MHS Architecture and is situated at the former site of the Villanova Catering Hall. It is slated for completion in summer 2027.
Andrew Coen can be reached at acoen@commercialobserver.com.
